Iran Says Hormuz Deal Close But That Its Conditions Must Be Met

Skip to Content News Archives Economy Energy Oil & Gas Renewables Electric Vehicles Mining Commodities Agriculture Real Estate Mortgages Mortgage Rates Finance Banking Insurance Fintech Cryptocurrency Work Wealth Smart Money Wealth Management Investor Personal Finance Family Finance Retirement Taxes High Net Worth FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials More Innovation Information Technology FP500 Podcasts Small Business Lives Told Tails Told Shopping Financial Post Store Obituaries Place a Notice Advertising Advertising With Us Advertising Solutions Postmedia Ad Manager Sponsorship Requests Classifieds Place a Classifieds ad Working Profile Settings My Subscriptions Saved Articles My Offers Newsletters Customer Service FAQ News Economy Energy Mining Real Estate Finance Work Wealth Investor FP Comment Executive Women Puzzmo Newsletters Financial Times Business Essentials This advertisement has not loaded yet, but your article continues below.HomePMN BusinessIran Says Hormuz Deal Close But That Its Conditions Must Be MetIran said it’s “very close” to a deal with Oman on a new maritime transit route in the Strait of Hormuz, after expectations grew this week that an announcement may soon be made.Author of the article:Patrick Sykes and Sara Gharaibeh You can save this article by registering for free here. Or sign-in if you have an account.nunh12644c7xl8it8viz{xa1_media_dl_1.png Joint Maritime Information Cente(Bloomberg) — Iran said it’s “very close” to a deal with Oman on a new maritime transit route in the Strait of Hormuz, after expectations grew this week that an announcement may soon be made.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountIran’s Foreign Minister Abbas Araghchi said on Saturday that negotiators are closing in on temporary lanes for ships entering and exiting the Persian Gulf. He cautioned that any agreement won’t result in an immediate reopening of the strait, signaling that any respite for energy supplies may be limited. “The opening of the Strait is subject to other conditions, including the compensation for the US’s violations of the Islamabad Agreement,” Araghchi added, referring to the now-lapsed memorandum of understanding signed in June.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe ceasefire between the US and Iran lasted less than a month before collapsing over disagreements about control of Hormuz. It’s unclear how Washington, which Iran insists is not part of the deal for Hormuz, will respond to a final agreement. US President Donald Trump has insisted for months that navigation through Hormuz must be resumed unimpeded, threatening fresh attacks on Iran if it fails to reopen the waterway.The US has also maintained a blockade on Iranian ports. Reuters reported that the US will lift the naval blockade once a deal between Oman and Iran to restore commercial shipping is announced, citing a US official. A deal, the official said, is expected soon.Oil prices have swung between gains and losses this week, as traders monitored the prospects of a deal that’s expected to clear the way for millions of barrels of supply from the Persian Gulf to be restored. Brent settled above $83 a barrel, notching a third straight weekly loss. Traffic through the chokepoint has been largely blocked since the start of the war, but some ships have continued to ferry cargoes through as part of a shuttle program involving help from the US military. Many have done so turning off their transponders, making trips harder to track. Abu Dhabi National Oil Co. said one of its vessels was targeted by missiles while transiting Strait of Hormuz early on Saturday, the United Arab Emirates’s state-run WAM news agency reported. The attack caused no injuries and the situation has been brought under control, it added. Three other ships from the UAE’s biggest oil producer were attacked this week.The incident highlights the ongoing risks for shippers attempting to make the crossing during the conflict, as Iran insists on asserting control over Hormuz. “Deals to reopen the Strait of Hormuz remain elusive, with investors teetering in the balance,” said Rob Haworth, senior investment strategy director at US Bank Wealth Management. “For now, traffic remains low and the path to a durable deal remains unclear.”Any deal for the Strait of Hormuz will need to be approved by Iran’s Supreme Leader Mojtaba Khamenei and Iranian officials have said that it takes time to reach him, potentially delaying any announcement. There’s no indication as yet over whether Khamenei has given his assent to current plans. This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.Clashes between the Iran-backed Houthi militants and the Saudi-aligned, internationally recognized government in Yemen also threaten to further escalate tensions in the Middle East. Yemen said on Saturday its armed forces carried out a military operation overnight against the Houthis, who control much of the country, marking the first known retaliation to attacks this week.The Houthis and the Saudi-led coalition have observed a ceasefire since 2022, but hostilities have erupted in recent weeks. These included incidents in the Red Sea, from where the majority of Saudi Arabia’s oil exports have departed since the closure of the Strait of Hormuz.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. 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